3.8 Choosing strategic direction

Question 1

Factors influencing which markets to compete in and which products to offer

Question 2

Strategic direction to include the Ansoff matrix and value of:

Answer 2

market penetration
market development
new product development
diversification

Question 3

The reasons for choosing and value of different options for strategic direction

Question 4

How to compete in terms of benefits and price

Question 5

Porter’s low cost, differentiation and focus strategies

Question 6

Bowman’s strategic clock.

Question 7

Influences on the choice of a positioning strategy

Question 8

The value of different strategic positioning strategies

Question 9

The benefits of having a competitive advantage

Question 10

The difficulties of maintaining a competitive advantage

Answer 10

Geographical location – impact of competitors setting up in the same area
Customer service – impact of a few bad reviews / customer experiences
Investment in technology – expensive and needs maintenance
Innovation
IP – trademarks, patents and copyright. Expensive to obtain and prove breach of IP.